Year-end is a time when big companies often make new statements about Blockchain, cryptocurrency for the future. Changpeng Zhao, CEO Binance, is no exception. In a recent interview, CZ expressed his views on the market, price, and beliefs about blockchain.
Image: Changpeng Zhao, CEO of Binance.
Changpeng Zhao: Blockchain has a significant impact on the world
Referring to the price, Changpeng Zhao (CZ) shared the following:
“The market always overreacts. It is tough to predict price short-term, but if you look at 3, 5, 10, 100 years out, blockchain is going to have a more significant impact on our society than the internet. Right now, there’s probably around 0.1% of our population who has crypto, or perhaps less, so there’s got to be a thousand times more it can grow, potentially. We know that this technology is not going away; It was going to disrupt the world; It was going to disrupt our lives. ”
According to him, short-term price prediction is a challenging thing to do. Because the market doesn’t handle the news that well and it overreacts. However, people do not care much about the price because many cryptocurrencies also have limited supply. And as more and more people engage in the industry, the supply is not enough demand, the price will have no other direction but to go up.
For CZ, Blockchain is another exception. He strongly believes in Blockchain and its potential global impact. Blockchain is maybe even more significant than the Internet.
China and its long-term plan for Blockchain and cryptocurrency
The second-largest country by GDP is a hot topic within the community as of late. While the ban on cryptocurrencies remains, China has expressed its genuine support for blockchain and accelerated the adoption of this new technology.
CZ also confirmed the “Blockchain, not Bitcoin” narrative that China has been running. However, many people misunderstand that Bitcoin in China is illegal. Actually no. Hodling Bitcoin is not illegal in China. He even mentions a few legal cases that people have lost their bitcoins, and the court has protected their assets. Zhao also believes that China is a strong supporter of mining.
According to CEO Binance, China’s restrictions on the operation of Bitcoin exchanges are in preparation for the issuance of CBDC digital currency. This is considered paving the way for their government-backed currency.
“My understanding would be that it will be very logical for the Chinese government to say,” Hey, the Chinese Central Bank-issued coin (DCEP) should be the only one used in the country. “Also, the DCEP – people are taking out of context. It was originally named Digital Currency / Electronic Payments. It should be used only for online payments. Something is not going to be a cryptocurrency like Bitcoin, where you can do whatever you want with it. […] China is going to Promote its currency instead of the other cryptocurrencies not controlled by them. How much control and restrictions they will apply to this DCEP we don’t know yet. ”
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